Wilkinson Star secures £400,000 loan

WELDING equipment firm Wilkinson Star has secured a £400,000 loan from the Greater Manchester Loan Fund (GMLF).

The Salford firm plans to use the cash to develop its own brand of equipment manufactured by the Chinese firm Jasic Technology.

It expects this new venture to add 10 staff to its 65-strong team.

Chairman John Wilkinson, former owner of the Salford City Reds rugby league side, said: “Our company was approached by a major manufacturer in the Far East to partner exclusively with them in the UK and Eire for the distribution and service of a very high quality competitive equipment range.

“We saw this as a fantastic opportunity, but one which would require further working capital to unlock. Thanks to the £400,000 investment from the GMLF we are in an excellent position to strengthen and complement our existing product offering with high class equipment from the most futuristic manufacturing facility worldwide.”

The £20m GMLF is backed by Government grants and managed by Maven Capital Partners. The funding follows a £200,000 loan to Wilkinson Star from the European Union-backed North West Fund in 2011 to expand its product range and improve stock levels.

Andy Thomas, investment director at Maven said: “Wilkinson Star is one of the largest independent welding distributors in the country. They are an innovative team that are always looking for opportunities to enhance their offering. Our funding will enable them to launch a new and highly competitive brand of welding equipment into the UK market which will help the company to grow over the coming years.”